Page 18 - The Insurance Times April 2025

expected to facilitate technological offerings, and solidify our position as Beams Fintech Fund, said, "We have
advancement. India's goto insurance platform. With strong conviction in Ankit and the
our continued focus on digital entire InsuranceDekho management
InsuranceDekho raises $70 transformation and customer centric team. This follow on investment
solutions, we are well positioned to reaffirms our belief in their potential
m in funding plans to drive the next wave of insurance to scale further and redefine the
expand its footprint adoption in India." insurance distribution landscape in

Insurtech company InsuranceDekho InsuranceDekho raised $150 million in India."
has raised $70 million in funding by its Series A round led by Goldman Sachs
Beams Fintech Fund, Japan's Mitsubishi Asset Management and TVS Capital From 1-month to 1-year:
UFJ Financial Group (MUFG) and Funds in February 2023. Its other Longer free-look for
insurer BNP Paribas Cardiff through its existing investors include Investcorp,
insurtech fund managed by European Avataar Ventures and LeapFrog insurance policies
investment major Eurazeo. Investments. Govt is working on several measures in

The company plans to deploy the funds InsuranceDekho has served over 10.2 the insurance sector, including
in expanding its footprint, enhancing million customers nationwide, with 21 extending the free-look period on
its tech stack and strengthening its new policies issued every minute on its policies and introducing a composite
position in the domestic insurance platform. insurance licence. These initiatives aim
market. This move follows $60 million The company has a footprint across 99 to reduce mis-selling and increase
in a Series B funding round led by per cent of the country's pin codes, insurance penetration in the country.
Mitsubishi UFJ Financial Group. supported by a network of 220K A key step to curb mis-selling is

Ankit Agrawal, Founder & CEO of partners offering 720+ insurance extending the free-look period to one
InsuranceDekho, said, "We are products across categories such as year, instead of the current norm of
delighted to have Beams Fintech Fund, motor, health, life and corporate one month from the date of receipt of
Eurazeo and MUFG double down on business. The platform partners with the policy. The free-look period allows
their support. This Ankit Agrawal, 49 insurance companies, making it one policyholders to review the terms and
Founder & CEO of InsuranceDekho of the most extensive insurance conditions after purchasing a policy and
capital will enable us to expand our marketplaces in India. cancel it if it does not meet their needs.
reach, enhance our techdriven Sagar Agarwal, Founder & Partner at Govt is also considering a composite
insurance licence, which would allow
Bajaj Finserv to 'evaluate' IPOs for life, general insurance companies to offer both life
and non-life insurance products,
insurance arms after Allianz exit: Sanjiv Bajaj including health coverage, under a

Bajaj Finserv chairman and managing director Sanjiv Bajaj said the company’s single entity. In addition, there are plans
board will "seriously evaluate" launching separate initial public offerings to restrict the sale of insurance
(IPOs) for its life and general insurance businesses, adding the decision will products to trained agents only.
be taken in a suitable time. The proposed changes in insurance
"Both of our companies are very well capitalised. Our solvency positions are laws were announced by financial
the highest in the industry. The businesses have not needed any external services secretary M Nagaraju at a
capital now for over 10 years. So, we have truly built two businesses that press conference. The secretary said
are balancing top line and bottom line, and is focused on customers as best that for 100% FDI in insurance, a
as possible in this country without being immodest about it. Hence, we have change in the law is necessary, and
no hurry," Bajaj told CNBC-TV18 on March 18. internal consultations on this are nearly
complete. He added that along with
On March 17, Bajaj Finserv announced signing share purchase agreements
with Allianz SE to acquire 26 percent stake in insurance joint ventures Bajaj the legal amendment, rules governing
Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance investments, repatriation of profits,
Company (BALIC) for Rs 24,180 crore. and management of insurance
companies would also be revised. Once
The move will take Bajaj group's ownership in BAGIC and BALIC to 100 Parliament approves the legislation,
percent from 74 percent, the statement said. these rules will be notified.

The Insurance Times April 2025 17